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Flashcards in Chapter 1 Life Deck (5):
1

At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act?

Upon completion of the application

2

Who elects the governing body of a mutual insurance company?

Policyholders

3

An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the

Fair Credit Reporting Act

4

What type of reinsurance contract involves two companies automatically sharing their risk exposure?

Treaty

5

The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called

reserves